-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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“Get your act together. Stop with the one-time revenue sources. Get to the structural fixes because what you’re doing is not sustainable. You are out of time,” Ferguson said. Hmm, where did I read suggestions like that years ago, when the coming crisis was clear, and it would have been much easier to address? Let me think. It was on a site the politicians dismissed as alarmists and “carnival barkers.”